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EFInA COVID-19 Grant (£2 million Grant)For Solutions On Impact Of COVID-19

EFInA COVID-19 Grant

EFInA COVID-19 Grant is calling for proposals with solutions that can mitigate the far-reaching impact of COVID-19 on the low-income population in Nigeria.

This is the tenth request for proposals, and it is supporting solutions that can imagine the far-reaching impact of COVID-19 on low-income individuals/households (defined as those earning N50,000 or less per month); and MSMEs in Nigeria.

Do you have a solution that allows access to liquidity, healthcare, and food for the specified groups? Submit your proposal now.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

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About EFInA COVID-19 Grant

The objective of the EFInA COVID-19 Grant is to support the scale of financial service-enabled solutions that enable immediate access to liquidity, healthcare, and food. EFInA will dedicate a fund size of £2 million to achieve this, with an individual grant range of £50,000 – 500.000.

The COVID-19 pandemic has largely had a detrimental effect on households and businesses across Nigeria. However, the pandemic did come with some positives; NIBSS’ June 2020 transaction data reflected a 400% Year on Year growth in digital transactions during the COVID-19 lockdown, as people were forced to observe social distancing. Consequently, EFInA is exploring ways to leverage this digital adoption trend to solve some of the most pressing needs of low-income households and individuals (particularly women and children) and MSMEs.

See Also: NDES/Foresight Seeds Fund Accelerator Program For Purpose-Driven Female Startup Founders

EFInA COVID-19 Grant Focus

EFInA is looking for financial service-enabled solutions that extend immediate access to liquidity, healthcare and food to low-income household/individuals and MSMEs. These solutions need to have the potential to be scaled out to multiple regions of Nigeria.

Thematic Areas

There are basic thematic areas that cut across the three most pressing needs of the target demographic (defined as those earning N50,000 or less per month):

  • Thematic Area 1: Access to Liquidity
  • Leveraging platforms and innovative models to facilitate electronic payments; enable income-earning opportunities; provide access to credit; and/or provide investment opportunities to low-income households and MSMEs.
  • Thematic Area 2: Access to Healthcare
  • Developing innovative ways to leverage financial service-enabled solutions to drive access to healthcare to low-income households and individuals; including solutions that can open access for women and children
  • Thematic Area 3: Access to Food
  • Developing innovative ways to leverage financial service-enabled solutions to drive access to food for families in the low-income demographic.

See Also: The 2021 Green Institute Internship For Young Leaders Worldwide (Win $1000 Grant)

How It Works

The duration of the EFInA COVID-19 Grant is a minimum of 6 months and a maximum of 2 years. The individual grant range is £50,000-500,000.

As an applicant;

  1. You must have or partner with an organisation that has a track record of success for providing digital financial services.
  2. Must provide a strong business case that demonstrates how the proposed solutions meet the immediate needs of the low-income population (defined as those earning N50,000 or less per month) and/or MSMEs.
  3. You must demonstrate the gender inclusivity of your product design and customer acquisition plans.
  4. Also, you must indicate that you have the capacity to implement the proposed project and demonstrate impact within 6 months.
  5. In addition to immediate impact, proposed solutions must have the potential for long term impact and sustainability.
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Go from idea to starting your business in 30 days

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Eligibility Criteria

  1. Eligible organisations are companies offering innovative financial service solutions (primary applicant or partner applicant)
  2. Must be legally incorporated within Nigeria
  3. Have the capacity to implement the proposed project for the applied funding and evidence that the business is viable.
  4. Proposals should demonstrate a clear path between EFInA grant funding and the proposed impact. All solutions proposed must be scalable.
  5. All solutions proposed should show a clear path to sustainability following the completion of the grant project.

Please Note: You may be requested to provide guarantors to give a formal assurance that all project conditions agreed by EFInA and you will be fulfilled.

See Also: Forbes Africa’s 30 Under 30 Class Of 2021 Call For Nomination

The application deadline for EFInA COVID-19 Grant is January 6, 2021. You can complete and submit your application form, financial work plan, and other required documents before the due date. Use this link to read more and download the form; https://www.efina.org.ng/

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